India is a developing country, and hence MSME or SSI Enterprises are the backbone of Indian economy and are also leading to economic growth at a pace which is increasing day by day.
MCA has notified stakeholders and directors of the company regarding the penalties imposed on non-filing of AOC-4 and MGT-7. These changes come with the amendment made in The Companies (Registration Offices and Fees) Second Amendment Rules 2018.
According to the dictionary meaning of "Nidhi", it means treasure, but in the financial sector, it is a mutual benefit society which is notified by the central government as a Nidhi Company.
Many government-backed schemes have made it possible for most of the Indian population to have their own bank account, but the still certain population of India do not use banking facility.
It is a company which is registered under Companies Act and attains a license from RBI to carry on business which is similar to banking services, but they are not governed by regulation which is laid down for commercial banks.
The problem arises when an unregistered well-known trademark is infringed, as there are no provisions protecting an unregistered trademark under Indian trademark act.
After the implementation of the GST taxation system on 1st July 2017, the central government has ruled out that filing the GST within time is extremely crucial.